The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

 

[JustPat]

Like so many things in life you pay for convenience one way or another and business's can only absorb so much in costs before they need to be passed on so if you want the convenience of paying by card be prepared to pay more along the lines.

 

[mylittletibbies]

Like so many things in life you pay for convenience one way or another and business's can only absorb so much in costs before they need to be passed on so if you want the convenience of paying by card be prepared to pay more along the lines.

Businesses, like banks, save a lot of expenses by accepting only cards, much more than the bank charges them, so no need to pass this cost on.
Why do you think they prefer card
payments.
Just like the banks charging them, when they save miles more through the staff they have put off.
Pure greed in both circumstances.

 

[Janet g]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

I wonder what would happen if you didn’t have your card with you ? I went for lunch last week went to use cash mm good job I had my card AND money in the bank too

 

[June E]

I live in the Gold Coast area and we certainly found out over the Christmas period that
“cash is king”. The storms wreaked havoc, no internet, no power and flooding. Quite a few stores were closed at Westfield Coomera and some could only do cash transactions because their eftpos machines were down.

I live in this area also. I was away for Xmas luckily because my place had no power for 5 days. I had to get my son to come and dispose of the food in the fridge and freezer. Imagine not having cash and you couldn’t use your card Because the shops had no power?
Why can’t we have both as we have now ? It’s the same with the supermarkets cutting the manned checkouts ! Why can’t we have both ? I’m getting very tired of big brother saying we can’t have that anymore !!!

 

[June E]

The banks want us to keep using cards cos they get a cut each time we do. The government want us to use cards so that they can track what we do. If cash goes, then we are at the mercy of the Government, they want to control what we do, wake up sheeples before it is too late. Once cash is gone we will be living a communist lifestyle and our every transaction will be monitored. If we are considered to be spending outside of what the Government allows us, then our transactions will be blocked along with our card usage. You WILL be stranded. Just look at the recent outages when the power goes down and hey welcome to the future. Lobby your federal member to stop this nonsense before it is too late. YOU HAVE BEEN WARNED.

And join Cash is King let’s stand with them against a cashless world ! It’s on Facebook if you have it. Just use the search button.

 

[Jennie]

Use cash. And if a shop/cafe wont accept cash then simply walk out with the goods and don't pay. They are the one refusing to take the cash; you have offered to pay using legal tender.

Cards are habit-forming and there lies the problem.

AS for the banking industry; makes Ned Kelly and his gang look honest.

Bendigo Bank won't give you a new cheque-book, because it is owned by the CBA or NAB and they are linked to Macquarie Bank which is no longer wants to provide cheque books for banks; cheque stubs are very good way of keeping transaction records when it comes to dealing with our privatised utility companies, which also rip off the user. We are being screwed through convenience for ourselves and profiteering by the banking industry.

Most banks are now dumping cheque accounts.

 

[LeahI]

And the ridiculous ATM charge to draw from a stand alone machine.
I see my kids account and sometimes there might be 2 or 3 X $3chargers for drawing cash. Cheaper for them to use card at the pub.

 

[IAN3005]

Another thought. If it's an expense for businesses to carry cash, have to take it to the bank, security cameras, in some cases security guards etc. then they would be saving money by not needing these things. So in that case why do they need to pass on, what they say is a minimal charge to recuperate what the bank charge them, they would already be ahead of the eight ball.
They are just as greedy as the banks.

Greed makes the world go round.........snouts in the trough!!!! Squealing like pigs....

 

[Robbo3006]

We definitely need cash forever . The banks are greedy and most now very unhelpful . Why does the Reserve bank head off tell us cash in going , these people are just bullies over & over and us older generation have very little say . Let us all protest over the greedy supermarket and banks

Best way to show them we won't be bullied, don't use cards unless absolutely imperative, like when it inconveniences them.

 

[Rob44]

I would walk out if they don't accept cash, but I wouldn't take the goods, you could be charged with theft.
Unfortunately, if they have a sign stating they don't accept cash payment they are within their rights. The legal tender argument doesn't stand up. Check the ACCC web site.
The world has gone crazy with all this ridiculousness.

Yes, that would be correct. However, one does not yet need to visit such places to buy things.One wonders what a restaurant might do if they hadn't posted such a notice although they told you after the meal that that card payments only was their policy and had eaten the meal and insisted on them in paying in cash.

If someone puts up a sign saying they don't accept cash payments, could that mean they are offering a freebie? Dream on!

 

[Rob44]

The surcharge has been around as long as the cards. Until it was regulated some retailers were overcharging customers at a ridiculous rate for cards to be used. No surcharge for cash but retailers are charged to process cash, typically the cost is added on to the cost of goods. If you think you are not being charged to pay with cash you are kidding yourself. At least with cards the charge is now regulated and a sign is visible and you can make a choice which way you wish to pay

Last time I flew using Virgin Airlines they charged me around 7.5% extra for paying through the internet by debit card. Yet more profiteering; outsource the call centre to the Philippines where labour is cheap and the last time I heard of the minimum lega wage it was $4 USD per day, I do the booking work on my computer and pay internet and power costs and then get told to pay 7.5% extra for using a debit card ? Bastards.

 

[GillyH]

What are you and businesses going to do when the system goes down. Pay with cash of course, this has proven itself the last 2 years with No Optus. This happens often when we travel so we always try to have cash on us even to pay for our fuel. CASH IS KING. other countries all over the world use cash.

 

[Topher]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

Worth checking the actual fees exacted by banks - on my Mastercard, that is 0.5% ... not 1.07%! Is this another rip-off?

 

[paulineslark]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

It's all very dictatorial, shameful & greedy, to say the least. We should all have a choice & having that taken away from us is very wrong.......shame on the powers that be & being dictated to,over something that isn't broken, is nothing short of disgusting & very dissapointing

 

[Dija]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

I don’t have a credit card anymore I use my bank card without fee. Maybe something to consider for the once with less money to spend

 

[Jest]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

screwed

 

[freedy50]

Shops are only charged by the banks between 0.5-1% for MasterCard and Visa debit transactions, but can charge up to 1.5%. That photo must have been photoshopped to make a point?

To avoid paying any charge see if the card paying machine has a choice of 'cheque account' or 'savings' on it. Press one of those before you pay and you don't get charged any extra. Always works in Aldi.

I've got a fruit and veg place near me that does 5% discount if you pay by cash, but I always pay by card as it's quicker and easier. I would never have $80+ in cash on me anyway to pay for what I buy. I think I've got about $10 in my wallet which I've had for ages.

Looks like all this is here to stay unlike in the UK where laws were passed to stop it 6 years ago.

 

[Iggydi]

There are a lot of sites that charge a fee for using your card even the Visa Debit cards. The worst part is they don't accept any other way of payment. So if you want to go through that site you have to cough up the extra $ . It is really sad that everyone thinks of the $ before they think of the consumer

 

[Barbara V]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

Shoe shop in our town has sale on 30% off with cash 20% off if you use your card. I will be shopping there

 

[maxesmum]

A lot of cafe's now have signs up saying there is a surcharge for using cards. However, one cafe I went into, the lady in front of me tried to pay cash for her purchases and the cafe refused. I wont' go back there.

Is that even legal? Can they refuse cash?